12/12/2022
5 FACTS ABOUT POVERTY IN NIGERIA
1. Poverty in Nigeria is widespread. To date, around 40% of Nigerians live in poverty. The economy is dependent on oil, creating inherent vulnerabilities for supply chain disruptions. Depending on the stability of the wider world, millions of additional Nigerians could fall into poverty within a relatively short span of time.
2. Inequality is similarly high. By the common method of international measurement, Nigeria actually has less inequality than the United States. But, this overshadows the vast challenges facing the country. Unemployment is high at 33%. Women are disproportionately impacted because of gender inequality and discrimination. Nigerian women own less property than men and a significant contingent of the female population is illiterate.
3. The wealth gap has created the political conditions for terrorism to flourish. Boko Haram, one of the leading terrorist groups in the world, has headquartered itself on the outskirts of Nigeria. The organization is responsible for tens of thousands of deaths and the displacement of millions.
4. Progress is possible. Over the years, life expectancy has risen. In 1960, life expectancy was 37. By 2019, that figure was 55.
5. Nigeria is also a fast-growing economy. A recession in 2016 led to an economic contraction and the COVID-19 pandemic had a similar effect. But, these are exceptions. The economy otherwise grows quite fast. One example lies in 2014 when the economy expanded by 6.3%.
